As product development organizations with constrained resources aim to make the most of their product pipelines, they are turning to project portfolio management. And PPM vendors are taking note, adding specialized capabilities to their offerings.
Most PMOs are established to develop and implement common processes. Many oversee project management training as well. And lately, more PMOs are being called on to help implement formal portfolio management concepts. It makes sense.
With IT budgets level or even shrinking, it is more vital than ever to ensure that IT staff is working on the most valuable project at any given time. Properly managing demand for IT services relative to capacity enables IT organizations to deliver what’s promised, when it’s promised, enhancing their credibility with business executives and users.
Successful portfolio management requires sound processes for building consensus on what is important and how project results will be measured. Here are four value-based models to facilitate better decision-making.
With 30 years of experience in project and portfolio management, Pat Durbin has witnessed and helped influence the evolution of the PPM marketplace. Here, the founder of Planview shares some best practices and predictions, including his belief that project leaders must "think earlier" in linking strategy to innovation.
When implementing a portfolio management system, leaders must create both a vision and a value proposition for the accompanying changes, describing how these changes, whether environmental or structural, will integrate with the overall strategic planning and management cycles.
The pressure has never been greater to drive efficiency and contain costs, yet, in the words of Tom Peters, “You can’t shrink your way to greatness.” So wise companies use any business contraction to prepare for growth. They also realize that the kind of growth available to companies emerging from recession is not based on old business processes and models, but on innovation.
What are the practices and principles required for mature IT governance using a portfolio management approach, and how does an organization achieve them? First and foremost, change is required — not just in processes, but in behaviors, roles and responsibilities among three key groups.
Faced with growing frustration in its ability to support clinicians and serve patients, a regional medical center’s IT organization prescribed a push toward electronic medical records to automate, anticipate and ultimately save lives. Indeed, EMRs have provided an impetus for many healthcare organizations to investigate PPM.
How do you make the case for PPM and justify the expense? What are some common pitfalls in implementing or extending PPM across the enterprise? How much should an organization expect to “bend” to accommodate a new PPM solution? PowerSteering’s CEO shares his perspective on these and other issues.